HomeMy WebLinkAboutAnnual Financial Report 12/31/1989CITY OF LINO LAKES, MINNESOTA
ANNUAL FINANCIAL REPORT
DECEMBER 31, 1989
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
I. INTRODUCTORY SECTION
Organization
Organization Chart
II. FINANCIAL SECTION
Independent Auditor's Report
Combined Financial Statements
Combined Balance Sheet - All Fund Types and Account Groups
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - All Governmental Fund Types
Combined Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual - General and Special Revenue
Fund Types
Statement 1
Statement
Statement 3
Combined Statement of Revenue, Expenses and Changes in Retained
Earnings - All Proprietary Fund Types Statement 4
Combined Statement of Cash Flows - All Proprietary Fund Types Statement 5
Notes to Financial Statements
Combining and Individual Fund and Account Group Financial Statements
General Fund
Balance Sheet
Statement of Revenue, Expenditures and Changes in
Fund Balance - Budget and Actual
Debt Service Funds:
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance
Capital Project Funds:
Combining Balance Sheet
Combining Statement of Revenue, Expenditures and Changes
in Fund Balance
Statement 6
Statement 7
Statement 8
Statement 9
Statement 10
Statement 11
CITY OF LINO LAKES, MINNESOTA
TABLE OF CONTENTS
(continued)
Enterprise Funds - Water and Sewer Fund:
Balance Sheet Statement 12
Statement of Revenue, Expenses and Changes in
Retained Earnings Statement 13
Statement of Cash Flows Statement 14
Agency Funds:
Combining Balance Sheet Statement 15
Statement of Changes in Assets and Liabilities Statement 16
Statement of General Fixed Assets Statement 17
Statement of General Long -Term Debt Statement 18
Supplementary Financial Information
Combined Schedule of Indebtedness Exhibit 1
Deferred Tax Levies Exhibit 2
Debt Service Payments to Maturity Exhibit 3
Construction Work in Process Exhibit 4
Insurance in Force Exhibit 5
Taxable Valuations, Tax Levies and Tax Rates Exhibit 6
Schedule of Sources and Uses of Funds:
Tax Increment Housing District #1 -1 Exhibit 7
Tax Increment Housing District #1 -2 Exhibit 8
Tax Increment Financing District #1 -3 Exhibit 9
Tax Increment Financing District #1-4 Exhibit 10
I.
INTRODUCTORY
S ECTION
CITY OF LINO LAKES, MINNESOTA
ORGANIZATION
December 31, 1989
Term Expires
Mayor.
Benjamin G. Benson December 31, 1989
Council Members:
Harold Bisel
William Bohjanen
Andy Neal
Vernon Reinert
City Administrator.
Randall Schumacher
Clerk- Treasurer:
Marilyn Anderson
City Accountant
Paula Schloer
December 31, 1989
December 31, 1991
December 31, 1991
December 31, 1989
Appointed
Appointed
Appointed
i
II.
FINANCIAL
SECTION
VOTO, TAUTGES, REDPATH & CO., LTD.
CERTIFIED PUBLIC ACCOUNTANTS
Birch Lake Professional Building • 1310 E. Hwy. 96 • White Bear Lake, MN 55110 • Fax (612) 426 -5004
• Phone (612) 426 -3263
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and
Members of the City Council
City of Lino Lakes, Minnesota
ROBERT ). VOTO, CPA
ROBERT G. TAUTGES, CPA
JAMES S. REDPATH, CPA
D. KENNETH GEORGE, CPA
DAVID J. MOL, CPA
We have audited the general purpose financial statements of the City of Lino Lakes, Minnesota, and the combining,
individual fund, and account group financial statements of the City as of and for the year ended December 31, 1989 as
listed in the table of contents. These financial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall fmancial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
The City does not maintain complete accounting controls over quantities and costs of General Fixed Assets.
Therefore, we were not able to obtain sufficient evidential matter to form an opinion regarding the amounts at which
property, plant and equipment are recorded in the General Fixed Assets Account Group at December 31, 1989 or
1988 (stated at $1,755,487 and $1,467,708 respectively). Accordingly, we do not express an opinion on this
account group.
In our opinion, except for the effects of such adjustments, if any, as might have been determined had we been able to
obtain sufficient evidential matter regarding the City's General Fixed Assets, the general purpose fmancial statements
referred to above present fairly, in all material respects, the financial position of the City of Lino Lakes, Minnesota,
as of December 31, 1989, and the results of its operations and the statement of cash flows of its proprietary fund
types for the year then ended in conformity with generally accepted accounting principles. Also, in our opinion,
except for the effects of such adjustments, if any, as might have been determined had we been able to obtain
sufficient evidential matter regarding the City's General Fixed Assets, the combining, individual fund, and account
group fmancial statements referred to above present fairly, in all material respects, the fmancial position of each of
the individual funds and account groups of the City of Lino Lakes Minnesota as of December 31,1989, and the
results of operations of such funds and the statement of cash flows of individual proprietary funds for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general purpose fmancial statements taken as a
whole, and on the combining, individual fund, and account group financial statements. The accompanying
information listed as supporting exhibits and statistical information in the table of contents is presented for purposes
of additional analysis and is not a required part of the financial statements of the City of Lino Lakes, Minnesota.
Such information, except for that portion marked "unaudited ", on which we express no opinion, has been subjected
to the auditing procedures applied in the audit of the general purpose, combining, individual fund, and account group
financial statements and, in our opinion, is fairly stated in all material respects in relation to the fmancial statements
of each of the respective individual funds and account groups, taken as a whole.
June 6, 1990
VOTO, TAUTGES, REDPATH & CO., LTD.
Certified Public Accountants
MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS • PRIVATE COMPANIES PRACTICE SECTION
MINNESOTA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS
MUNICIPAL FINANCE OFFICERS ASSOCIATION • MINNESOTA ASSOCIATION OF SCHOOL, BUSINESS OFFICIALS
COMBINED
FINANCIAL
STATEMENTS
CITY OF LINO LAKES, MINNESOTA
COMBINED BALANCE SHEET
ALL FUND TYPES AND ACCOUNT GROUPS
December 31, 1989
Governmental Fund Tunes
Debt
Assets General Service
Cash and investments $987,427 $2,350,383
Cash with escrow agent
Accrued interest receivable
Accounts receivable 10,815
Due from other governmental units 21,073
Taxes receivable:
Delinquent 44,346 1,958
Due from County 22,713
Special assessments receivable 125 1,583,333
Prepaid expenses 53,290
Inventory
Fixed assets (net of accumulated depreciation)
Amount available in Debt Service Fund
Amount to be provided for retirement of GLTD
Total Assets
Liabilities and Fund Equity
$1,139,789 $3,935,674
Liabilities:
Cash overdraft $11,475
Accounts payable $39,334
Salaries payable 4,221
Contracts payable
Assessments payable on City property
Deposits payable 11,999
Due to other governmental units 9,711
Deferred revenue 44,471 1,545,055
Bonds payable
Lease payable
Deferred compensation payable
Total liabilities 109.736 1.556330
Fund Equity:
Contributions from property owners
Invested in general fixed assets
Retained earnings
Fund balance (deficit):
Reserved 2,302,412
Unreserved:
Designated 53,290
Undesignated 976,763 76,732
Total fund equity 1.030.053 2.379.144
Total liabilities and fund equity $1,139,789 $3,935,674
The accompanying notes are an integral part of these fmancial statements.
1
1
Capital 1
Proiect
$3,021,804
11,975
27,587
59,076
10,684
64,034
1
1
$3,195,160
1
$101,354
71,486
166,896
93,168
128,170 1
561,074
1
1
2,802,159
(168,073)
2,634.086
$3,195.160 1
1
1
CITY OF LINO LAKES, MINNESOTA
Statement 1
Fiduciary Totals
Proprietary Fund Type Account Groups (Memorandum Only)
Fund Type Trust and General General Long- December 31.
Enterprise Agency Fixed Assets Term Debt 1989 1988
(Unaudited)
$18,909 $33,993 $6,412,516 $3,239,473
119,058 119,058 86,174
90,731 90,731 14,732
55,648 32,924 111,362 63,772
12,223 60,883 29,792
105,380 41,388
33,397 27,808
1,647,492 2,072,937
1,792 55,082 62,386
5,903 5,903 2,737
3,231,421 $1,755,487 4,986,908 4,490,064
$2,379,144 2,379,144 825,235
6.599,201 6.599.201 3,344.895
$3.325.896
$276,706 $1,755,487 $8,978,345 $22,607,057 $14,301393
$90,731 $203,560 $414,418
$10,124 5,690 126,634 135,624
298 4,519 2,911
$32,000 198,896 88,262
151,130 151,130 151,130
61,227 73,226 30,798
769 103,648 38,525
1,717,696 2,069,733
8,787,500 8,787,500 3,971,000
7,715 7,715
119,058 119,058 86.174
11.191 276.706 $0 8.978.345 11,493582 6,988575
3,226,925 3,226,925 3,019,402
1,755,487 1,755,487 1,467,708
87,780 87,780 47,854
2,302,412 978,210
2,855,449 1,401,323
885,422 398.321
3,314.705 0 1.755A87 0 11.113,475 7.312.818
$3325,896 $276,706 $1,755,487 $8.978,345 $22,607,057 $14.301,393
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
For The Year Ended December 31, 1989
Revenue:
General property taxes
Tax increments
Special assessments
Licenses and permits
Intergovernmental
Charges for services
Fmes and forfeits
Interest on investments
Refunds and reimbursements
Connection and area charges
Miscellaneous
Total revenue
Expenditures:
Current:
General government
Public safety
Highways and streets
Parks
Solid waste abatement
Capital outlay:
General government
Public safety
Highways and streets
Parks
Debt service:
Principal
Interest and fiscal charges
Construction/acquisition
Sewer abatement
Total expenditures
Revenue over (under) expenditures
Other increases (decreases):
Operating transfer in
Operating transfer out
Bond proceeds
Total other increases
Net increase in fund balance
Fund balance - January 1
Residual equity transfer - in
Residual equity transfer - out
Fund balance - December 31
General
$848,472
256,987
698,558
96,680
73,614
54,930
52,554
2.081.795
591,023
716,449
357,938
134,653
17,638
34,993
34,180
1,511
7,819
Debt Capital
Service Proiect
$16,157 $109
82,798
931,280 990,946
4,822 202,156
111,097 203,944
75,425
79.275
1.063.356 1.634.653
83,090
143,500
369,884
1.896.204 513.384
185,591 549.972
494,752
509.185
1.003.937
1,553,909
825,235
292,503
(292.503)
0
185,591
844,462
2,974
17,421
181,952
47,365
Statement 2
Totals (Memorandum Only)
December 31.
1989 1988
$864,738 $856,017
82,798 49,808
1,922,226
256,987
905,536
96,680
73,614
369,971
75,425
131.829
4.779.804
1,218,455
229,511
591,232
86,067
70,142
147,742
36,400
24,160
110.506
3.420.040
674,113 588,180
716,449 582,818
357,938 263,129
134,653 90,596
17,638 455
37,967 67,533
51,601 41,838
183,463 30,565
55,184 7,265
143,500 2,109,000
369,884 256,910
3,699,116 3,699,116 761,067
4.031.918 6.441.506 4.799.356
(2,397.265) (1.661,702) (1.379,316)
(494,752)
4.417.946
3.923.194
1,525,929
1,108,157
494,752
(494,752)
4,927.131 1.757.947
4,927.131 1.757.947
3,265,429 378,631
2,777,854 2,399,223
292,503 19,061
(292.503) (19.061)
$1,030,053 $2,379,144 $2,634,086 $6,043,283 $2,771,854
The accompanying notes are an integral part of these financial statements.
Revenue:
General property taxes
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Interest on investments
Gas franchise fees
Miscellaneous
Total revenue
Expenditures:
Current:
General government
Public safety
Highways and streets
Parks
Solid waste abatement
Capital outlay:
General government
Public safety
Highways and streets
Parks
Total expenditures
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE BUDGET AND ACTUAL
GENERAL AND SPECIAL REVENUE FUND TYPES
For The Year Ended December 31, 1989
1989
Budget
$845,756
225,450
668,029
94,704
70,800
10,000
16.000
1.930.739
Over
(Under)
Actual Budget
$848,472
256,987
698,558
96,680
73,614
54,930
11,875
40.679
2.081,795
557,580 591,023
686,842 716,449
411,900 357,938
118,475 134,653
6,640 17,638
50,500 34,993
33,840 34,180
1,511
15.000 7.819
1.880.777 1,896,204
$2,716
31,537
30,529
1,976
2,814
54,930
1,875
24.679
151,056
33,443
29,607
(53,962)
16,178
10,998
(15,507)
340
1,511
(7,181)
15,427
Net increase (decrease) in fund balance $49,962 185,591 $135,629
Fund balance January 1 844 462
Fund balance - December 31 $1,030,053
The accompanying notes are an integral part of these financial statements.
Statement 3
1988
Actual
(Memorandum
Only)
$769,915
229,511
549,567
86,067
70,142
25,014
9,615
53,141
1,792.972
561,815
582,818
263,129
90,596
455
41,081
33,258
10,485
7.265
1,590,902
202,070
642.392
$844,462
CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF REVENUE, EXPENSES AND
CHANGES IN RETAINED EARNINGS - ALL PROPRIETARY FUND TYPES
For The Year Ended December 31, 1989
Statement 4
Totals
(Memorandum Only)
December 31.
1989 1988
Operating revenue: •
Water sales $72,238 $43,708
Sewer charges 82,408 69,873
Other operating revenue 26.942 14.498
Total operating revenue 181.588 128.079
Operating expenses:
Personal services 35,549 34,966
Materials and supplies 2,458 2,341
Contractual services 8,590 1,924
Repair and maintenance 35,798 17,135
MWCC sewer charges 50,531 36,025
Depreciation:
Purchased assets 769 813
Contributed assets 67,001 22,530
Utilities 18,049 4,901
Other 574 3.897
Total operating expenses 219.319 124.532
Net income (loss) from operations (37,731) 3,547
Other income :
Maintenance agreement - MWCC 10.656 7.319
Net income (loss) (27,075) 10,866
Other increases :
Credit arising from transfer of depreciation
to contributions from property owners 67.001 22.530
Net increase (decrease) in retained earnings 39,926 33,396
Retained earnings - January 1 47.854 14.458
Retained earnings - December 31 $87,780 $47,854
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The accompanying notes are an integral part of these financial statements.
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1
1
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CITY OF LINO LAKES, MINNESOTA
COMBINED STATEMENT OF CASH FLOWS -
ALL PROPRIETARY FUND TYPES
For The Year Ended December 31, 1989
Cash flows from operating activities:
Operating income (loss)
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation
Change in assets and liabilities:
Decrease (increase) in receivables
Decrease (increase) in prepaid expenses
Decrease (increase) in inventory
Increase (decrease) in payables
Net cash flows from operating activities
Cash flows from noncapital financing activities:
Mainteneance agreement - MWCC
Cash flows from capital and related financing activities:
Purchase of fixed assets
Net increase (decrease) in cash
Cash and investments - January 1
Cash and investments - December 31
Statement 5
Totals
(Memorandum Only)
1989 1988
($37,731) $3,547
67,770 23,343
(17,298) (13,001)
3,968 (858)
(3,166) 508
3,747 (442)
17,290 13.097
10.656 7.319
(2.311)
25,635 20,416
(6,726) (27,142)
$18,909 ($6,726)
The accompanying notes are an integral part of these financial statements.
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1
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CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Page 1 of 21
The accounting policies of the City of Lino Lakes, Minnesota conform to generally accepted
accounting principles as applicable to govemmental units.
FINANCIAL REPORTING ENTITY
The City of Lino Lakes is a public corporation formed under Minnesota Statutes 410. As such the
City is under home rule charter regulations and applicable statutory guidelines.
In accordance with the Codification of Governmental Accounting and Financial Reporting
Standards (GASB) Section 2100, Defining the Reporting Entity, for financial reporting purposes
the City's financial statements include all funds, account groups, boards and commissions over
which the City Council exercises oversight responsibility. Oversight responsibility includes
appointment of governing bodies, budget authority, approval of tax levies and responsibility for
funding deficits.
As a result of applying the criteria of the Codification of Governmental Accounting Standards
Board Section 2100, certain organizations have been included or excluded from the City's financial
statements:
Included
Entity
None
Excluded: Lino Lakes Gas Utility
Franchise
Lino Lakes Senior Council
Reason for Inclusion/Exclusion
Operated as part of the Circle Pines Gas
Utility. City of Lino Lakes exercises
minimal management control. City receives
annual share of gross revenue.
Although the Senior Council uses a center
funded by the City, the Senior Council has
authority over the activities it fmances as
well as responsibility over fiscal matters.
FUNDS AND ACCOUNT GROUPS
The accounting system of the City is organized and operated on a fund basis. A fund is defined as
a fiscal and accounting entity with a self - balancing set of accounts recording cash and other
financial resources, together with all related liabilities and residual equities or balances, and changes
therein, which are segregated for the purpose of canying on specific activities or attaining certain
objectives in accordance with special regulations, restrictions, or limitations. The following types
of funds and account groups are employed by the City.
GOVERNMENTAL FUNDS
General Fund - to account for all financial resources except those required to be accounted for
in another fund.
Debt Service Funds - to account for the accumulation of resources for, and the payment of,
general long-term debt principal, interest and related costs.
Capital Project Funds - to account for financial resources to be used for the acquisition or
construction of major capital facilities.
Page 2of21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
FUNDS AND ACCOUNT GROUPS (continued)
PROPRIETARY FUNDS
Enterprise Funds - to account for operations: (a) that are financed and operated in a manner
similar to private business enterprises where the intent of the governing body is that the costs
(expenses, including depreciation) of providing goods or services to the general public on a
continuing basis be financed or recovered primarily through user charges; or (b) where the
governing body has decided that periodic determination of revenue earned, expenses incurred,
and/or net income is appropriate for capital maintenance, public policy, management control,
accountability, or other purposes.
FIDUCIARY FUNDS
Trust and Agency Funds - to account for assets held by a governmental unit as an agent for
individuals, private organizations, other governmental units and/or other funds.
ACCOUNT GROUPS
The Governmental Fund types are designed to account for the financial flow of a particular fund;
therefore, they generally include only current assets and current liabilities on their balance sheets.
The City maintains two account groups to account for noncurrent assets and long -term liabilities
as follows:
General Fixed Assets - The City maintains a separate group of accounts which contain the
fixed assets used in the governmental fund type operations. They are assets of the City as a
whole and not of individual funds.
General Long -Term Debt - This account group contains the long -term obligations of the City
including general obligation bonds, special assessment bonds, special obligation bonds and
leases payable.
MEASUREMENT FOCUS
The accounting and reporting treatment applied to a fund is determined by its measurement focus.
All Governmental Funds are accounted for on a spending or "financial flow" measurement focus.
This means that only current assets and current liabilities are generally included on their balance
sheets. Governmental Fund operating statements present increases (revenues and other financing
sources) and (expenditures and other financing uses) in net current assets.
All Proprietary Funds are accounted for on a cost of services or "capital maintenance" measurement
focus. This means that all assets and liabilities (whether current or noncurrent) associated with
this activity are included on their balance sheets. Their reported fund equity (net total assets) is
segregated into contributed capital and retained earnings components. Proprietary fund type
operating statements present increases (revenues) and decreases (expenses) in net total assets.
CITY OF LINO LAKES, MINNESOTA
Page 3 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
BASIS OF ACCOUNTING
The modified accrual basis of accounting is followed by the City for its governmental funds
(General, Special Revenue, Debt Service and Capital Project) and Agency Funds. Under this
method of accounting, revenues are recognized when they become susceptible to accrual - that is,
when they become both measurable and available to finance expenditures of the fiscal period.
Also, under this method, expenditures are recognized in the accounting period when the liability is
incurred, except for.
• Interest on long -term debt which is recognized when due, except for January 1 maturities
which are recognized in the previous fiscal period
Major revenue sources susceptible to accrual include property taxes, special assessments,
intergovernmental revenues, charges for services and interest on investments.
Major revenue sources not susceptible to accrual include licenses and permits, fees, and
miscellaneous revenues. Such revenues are recorded as revenue when received because they are not
measurable until collected.
The accrual basis of accounting is followed for the proprietary funds. Under this method of
accounting, revenues are recognized during the accounting period in which they are earned and
become measurable and expenses are recognized in the accounting period in which they are
incurred, if measurable.
BUDGETARY DATA
The City Council adopts an annual budget for the General Fund. During the budget year
supplemental appropriations and deletions are or may be authorized by the City Council. The
amounts shown in the financial statements as "Budget" represent the original budgeted amounts
plus all revisions made during the year and/or for the year. The modified accrual basis of
accounting is used by the City for budgetary data.
The City monitors budget performance on the departmental basis. All amounts over budget have
been approved by the City Council through the disbursement approval process. Significant budget
variances are as follows for the current year:
Licenses and permits exceeded budget because of increased development within the City in 1989.
Highways and streets was under budget because the City did not hire an additional employee in
1989.
Page 4 of 21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
ENCUMRANCES
Encumbrance accounting, under which purchase orders, contracts, and other commitments for the
expenditure of monies are recorded in order to reserve that portion of the applicable appropriation,
is not employed by the City because it is at present not considered necessary to assure effective •
budgetary control or to facilitate effective cash planning and control. Any appropriations that need
to be carried forward to the next year have to be reappropriated by the City Council from the fund
balance of the fund involved.
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS
CASH AND INVESTMENTS
Cash balances from all funds are pooled and invested to the extent available in authorized
investments. Earnings from investments are allocated to individual funds on the basis of the fund's
available cash balance.
Investments are stated at cost (plus interest added, if any) which approximates market value.
Material purchase discounts and premiums are amortized over the term of the investment.
Investment earnings are accrued at the balance sheet date. Interest is allocated to funds based on the
average cash balance during the year. Cash and investment balances were as follows at December
31, 1989 and 1988:
December 31,
1989 1988
Cash - checking ($69,847) ($17,196)
Investments 6,278,653 2,842,101
Petty cash and change 150 150
Totals
DEPOSITS
$6,208,956 $2 825,055
In accordance with Minnesota Statutes, the City maintains deposits at those depository banks
authorized by the City Council all of which are members of the Federal Reserve System.
Minnesota Statutes require that all City deposits be protected by insurance, surety bond, or
collateral. The market value of collateral pledged must equal 110% of the deposits not covered by
insurance or bonds (140% in the case of mortgage notes pledged).
Authorized collateral includes the legal investments described below, as well as certain first
mortgage notes and certain other state or local government obligations. Minnesota Statutes require
that securities pledged as collateral be held in safekeeping by the City treasurer or in a financial
institution other than that furnishing the collateral.
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CITY OF LINO LAKES, MINNESOTA
Page 5 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued).
CASH AND INVESTMENTS (continued)
DEPOSITS (cont.)
(1) Insured or collateralized by securities held by
the City or its agent in the City's name
(2) Collateralized with securities held by the pledging
institution's trust department in the City's name
(3) Uncollateralized or collateralized with securities
not in the City's name
Bank Carrying
Balance Amount
$4,012,920 $3,746,581
0 0
0 0
Totals $4,012,920 $3,746,581
Categories 2 and 3 are not procedures that are authorized by Minnesota Statutes.
INVESTMENTS
The City is authorized by Minnesota Statutes to invest in the following:
(a) Direct obligations or obligations guaranteed by the United States or its agencies.
(b) Shares of investment companies registered under the Federal Investment Company Act of
1940 and whose only investments are in securities described in (a) above.
(c) General obligations of the State of Minnesota or any of its municipalities.
(d) Bankers acceptance of United States banks eligible for purchase by the Federal Reserve
System.
(e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of
the highest quality, and maturing in 270 days or less.
(f) Repurchase or reverse repurchase agreements with banks that are members of the Federal
Reserve System with capitalization exceeding $10,000,000, a primary reporting dealer in
U.S. government securities to the Federal Reserve Bank of New York, or certain
Minnesota securities broker-dealers.
(g) Future contracts sold under authority of Minnesota Statutes 471.56, subd.. 5.
The City's investments are categorized to give an indication of the risk assumed by the entity at
year -end. Category 1 includes investments that are insured or registered or for which the securities
are held by the City or its agent in the City's name. Category 2 includes uninsured or unregistered
investments for which the securities are held by the broker's or dealer's trust department or agent in
the City's name. Category 3 includes uninsured and unregistered investments for which the
securities are held by the broker or dealer, or by its trust department or agent but not in the City's
name.
Page 6of21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CASH AND INVESTMENTS (continued)
INVESTMENTS (cont.)
Credit Risk Category
Investment Type 1 2
Commercial Paper $2,230,877 so
Investment Company Shares
Totals
GRANT REVENUE RECOGNITION
3
Carrying Market
Amount Value
$2,230,877 $2,230,875
231.348 231.348
$2,462,225 $2,462,223
The City receives various Federal, State and other grants, the purpose of which is to fund specific
City expenditures. These revenues are recognized at the time of the specific expenditures.
MUNICIPAL STATE AID
Municipal State Aid (MSA) is recognized as revenue in the period the funds are designated for
specific construction projects.
LOCAL GOVERNMENT AID
Local govemment aid is provided by the State. This aid is provided as a shared tax based upon a
statutory formula and without restrictions. Payment from the State is generally received during
each calendar year. The City recognizes local government aid revenue when it becomes both
measurable and available to finance current operations. In practice, local government aid is
recognized as revenue as it is received in cash.
PROPERTY TAX REVENUE RECOGNITION
Property tax levies are set by the Council in October each year, and are certified to Anoka County
for collection in the following year. The County spreads all levies over assessable property. Such
taxes become a lien on January 1 and are recorded as receivable by the City at that date. The
County is responsible for billing and collecting all property taxes for itself, the City, the local
School District and other taxing authorities. These taxes are payable by May 15 and October 15 of
each calendar year by the property owners. These taxes are collected by the County and remitted to
the City by approximately July 15 and December 15. Additionally, delinquent collections
(November through December) are remitted to the City each January. The City has no ability to
enforce payment of property taxes by property owners. The County possesses this authority.
Pursuant to State Statutes, a property shall be subject to a tax forfeit sale after 3 years unless it is
homesteaded, agricultural, or seasonal recreational land (as defined in State Statutes) in which event
the property is subject to such sale after 5 years.
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Page 7 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
PROPERTY TAX REVENUE RECOGNITION (continued)
The City recognizes property tax revenue when it becomes both measurable and available to
finance expenditures of the current period. In practice, current and delinquent taxes and homestead
credits received by the City during the year are recognized as revenue for the current year.
Additionally, taxes collected by the County by December 31 (remitted to the City the following
January) and credits not received at the normal time are recognized as revenue for the current year.
Homestead credits received by the City from the State are recognized as revenue when received in
cash.
Unpaid delinquent taxes are generally measurable but not available to finance the expenditures of
the current year. Accordingly, these taxes are not recognized as revenue until they are collected by
the County. Unpaid delinquent property taxes are reflected as deferred revenue.
Taxes on homestead property (as defmed by State Statutes) are partially reduced by a homestead
credit. This credit is paid to the City by the State in lieu of taxes levied against homestead
property. The State remits this credit in installments during each year. The City's property tax
revenue includes payments from the Metropolitan Revenue Distribution (Fiscal Disparities
Formula) per State Statute 473F. This statute provides a means of spreading a portion of the
taxable valuation of commercial/industrial real property to various taxing authorities within the
defmed Metropolitan area. The valuation "shared" is a portion of commercial/industrial property
valuation growth since 1971. Property taxes paid to the City of Lino Lakes through this formula
for 1989 and 1988 totaled $249,408 and $207,526 respectively. Receipt of property taxes from
this "Fiscal Disparities Pool" does not increase or decrease total tax revenue.
SPECIAL ASSESSMENT REVENUE RECOGNITION
Special assessments are levied against benefiting properties for the cost or a portion of the cost of
special assessment improvement projects in accordance with State Statutes. Usually, the City
adopts the assessment roll when the individual project is completed or substantially completed.
The City certifies the adopted assessment roll to the County for collection. Collection of annual
installments including interest is handled by the County in the same manner as for property taxes.
Assessments are collectible over a term of years, generally consistent with the term of years of the
related bond issue. Property owners are allowed to and often do prepay future installments without
interest or prepayment penalty.
The City recognizes special assessment revenue when it becomes both measurable and available to
finance bonded debt. Special assessment principal and interest is recognized as revenue in the year
of collection.
Once a special assessment roll is adopted, the amount attributed to each parcel becomes a lien upon
that property until full payment is made or the amount is determined to be excessive by the City
Council or court action. If special assessments become delinquent, the property is subject to tax
forfeit sale. The first proceeds of that sale (after costs, penalties and expenses of sale) are remitted
to the City in payment of delinquent special assessments. Generally, the City will collect the full
amount of its special assessments not adjusted by City Council or court action. Pursuant to State
Statutes, a property shall be subject to tax forfeit sale after 3 years unless it is homesteaded,
agricultural, or seasonal recreational land (as defmed in State Statutes) in which event the property
is subject to such sale after 5 years.
Page 8 of 21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES. ON ALL FUND AND ACCOUNT GROUPS (Continued)
PARK DEDICATION FEE REVENUE RECOGNITION
The City receives park dedication fees from developers. The amount due the City is payable when
land is platted. The City has granted a delay in collection from several developers pending actual
development of the platted property. The amount not collected is recorded as an account receivable,
offset by deferred revenue. The amount of uncollected fees totaled $5,060 at December 31, 1989
and 1988.
SHARE IN GAS FRANCHISE PROFITS
The City receives a share of the gross billings for natural gas sales by a neighboring city which
provides service within the City of Lino Lakes. The amount earned for 1989 totaled $13,052.
This amount was received in March of 1990 and will be recorded as revenue (available criteria) in
1990.
INVENTORIES
GOVERNMENTAL TYPE FUNDS
The original cost of materials and supplies has been recorded as expenditures and/or expenses at the
time of purchase. The City does not maintain significant levels of material or supplies.
PROPRIETARY TYPE FUNDS
Inventories of the proprietary funds are stated at the lower -of -cost or market; cost being determined
by the first -in, first-out method.
FIXED ASSETS
GENERAL
General fixed assets are recorded as expenditures of the governmental funds at the time of purchase.
Such assets are capitalized, at cost, in the General Fixed Asset Account Group except for certain
improvements (roads, bridges, curbs, gutters, streets, sidewalks, drainage systems and lighting
systems) which are not capitalized. Gifts or contributions are recorded in general fixed assets at fair
market value at the time received. No depreciation has been provided on general fixed assets. A
summary of changes in General Fixed Assets is as follows:
Balance Balance
1/1/89 Additions Deletions 12/31/89
Land $298,943 $298,943
Buildings and improvements 525,225 $44,680 569,905
Wells 6,216 6,216
Furniture and equipment 637,324 251,584 $8,485 880,423
Totals $1,467,708 $296,264 $8,485 $1,755,487
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CITY OF LINO LAKES, MINNESOTA
Page 9 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
FIXED ASSETS (continued)
GENERAL (cont.)
The City does not maintain detailed records nor accounting controls over general fixed assets. The
amounts presented in the financial statements represent partial accumulations of historical
accounting records without regard to physical listings.
PROPRIETARY FUNDS
Fixed assets of the proprietary funds (Water and Sewer) are stated at cost, estimated cost, or in the
case of contributions, at fair market value at the time received. Depreciation has been provided
using the straight -line method over the estimated useful lives of assets, as follows:
Assets
Purchased assets:
Water
Sewer
Contributed assets:
Water
Sewer
Totals
Depreciable Depreciation
Lives 1989 1988
5 - 25 years
5 - 25 years
20 - 50 years
20 - 50 years
$600
169
31,226
35,775
$67 770
milmera
$645
168
9,058
13,472
$23 343
Fixed assets of the water and sewer utility operations include the water distribution system and
sewage collection system. These systems have been wholly (or substantially) financed by non-
operating funds (special assessments, general taxes, Federal and State grants, and other sources)
and contributions to the sewer and water operating funds. City policy is to finance these assets by
the sources indicated rather than by user charges. Accordingly, the water and sewer user rates are
not established at levels sufficient to cover depreciation on these assets.
Depreciation on these assets is shown in the operating statements; however, the depreciation is
eventually transferred against the contribution account rather than retained earnings in accordance
with generally accepted accounting principles. Consequently, the contribution account reflects the
net book value of contributed assets rather than the original cost of such assets.
A summary of proprietary fund assets at December 31,1989 is as follows:
Well
Buildings and Structures
Machinery and Equipment
Water and Sewer Lines
Total
Less: Accumulated Depreciation
Net Fixed Assets
$18,500
48,690
19,730
3,471,830
3,558,750
(327,329)
$3 231421
Page 10 of 21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CITY INDEBTEDNESS
The following is a schedule of changes in City indebtedness for the year ended December 31, 1989:
Balance Balance
1/1/89 Additions Deletions 12/31/89
Bonded Debt
General Obligation $300,000 $300,000
Special Assessment $3,971,000 4,660,000 $143,500 8,487,500
Capital Lease Payable 9,249 1,534. 7,715
Contract Payable 48,000 16,000 32,000
Assessments Payable 151,130 151,130
Totals $4,170,130 $4,669,249 $161,034 $8,978,345
All bond issues outstanding at December 31,1989 are backed by the full faith and credit of the
City, including special assessment bond issues. Outstanding balances at December 31, 1989,
principal and interest payments due in 1990, final due dates, interest rates, and other pertinent data
are presented in the Combined Schedule of Indebtedness (Exhibit 1). Principal and interest
payments through maturity are presented in Exhibit 3.
The Minnesota Municipal Industrial Development Act allows Cities to issue industrial
development bonds for the purpose of financing private development, subject to State approval.
Under the terms of the bond issues authorized and the requirements of the Minnesota Industrial
Development Act, the City has no obligation for the payment of principal or interest other than its
interest in the Industrial Development Project(s) which have been excluded from these financial
statements.
The annual requirement to amortize all bonded debt outstanding at December 31,1989 including
interest payments of $1,460,719 are as follows:
General Special
Year Ending Obligation Assessment
December 31, Bonds Bonds Total
1990 $80,655 $2,389,089 $2,469,744
1991 76,065 1,284,690 1,360,755
1992 71,475 5,172,358 5,243,833
1993 66,885 227,204 294,089
1994 62,295 215,486 277,781
1995 195,819 195,819
1996 199,458 199,458
1997 206,740 206.740
Total $357,375 29 890 844 $10,248,219
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Page 11 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
CITY INDEBTEDNESS (continued)
The amount to be provided in the General Long -Term Debt Account Group represents future tax
levies, special assessments and MSA grants for the retirement of bonds payable. Total scheduled
deferred tax levies to retire general long -term debt bonds are $581,403.
The payment of City bonds is made through various agents (banking institutions). Cash is paid to
the paying agents and they in turn pay principal and interest to the various bond holders. Cash on
hand with the paying agent is not included in these financial statements.
City indebtedness at December 31, 1989 is composed of the following:
General Obligation Bonds:
1989 Equipment Certificates
Final
Issue Maturity loterest Original Payable
Dace Date Rates Issue 12131/89
5/1/89 5/1/94 7.65 $300,000 $300,000
General Improvement Bonds with special assessments pledged:
G. O. Improvement Bonds of 1981 12/1/81 12/1/91 10.64 45,000 10,000
G. O. Improvement Bonds of 1983 10/1/83 10/1/93 8.65 100,000 40,000
G. G. Improvement Bonds of 1984 5/1/84 11/1/94 6.50 35,000 17,500
G. O. Improvement Bonds of 1986 12/1/86 2/1/97 5.43 475,000 340,000
G. O. Temporary Improvement Bonds of 1987 9/1/87 9/1/90 5.43 1,650,000 1,650,000
G. O. Improvement Bonds of 1988A 10/1/88 2/1/97 6.43 1,160,000 1,160,000
G. G. Temporary Improvement Bonds of 1988B 10/1/88 10/1/91 6.20 610,000 610,000
G. G. Temporary Improvement Bonds of 1989 7/1/89 7/1/92 6.10 4.660.000 4.660.000
Total General Improvement Bonds with
special assessments pledged 8.735.000 8.487.500
Total - All Bonds 9,035,000 8,787,500
Assessments payable on City property 151,130
Capital lease - phone system 5/89 3/93 14.92 9.249 7,715
Contract for deed 10/1/87 7/1/91 8.00 80,000 32,000
Total Indebtedness ja112149. 88.978.345
LEGAL DEBT MARGIN
The City is subject to a statutory limitation by the State of Minnesota for bonded indebtedness
payable principally from taxes. The City of Lino Lakes legal debt margin for 1989 and 1988 is
computed as follows:
Page 12 of 21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS, (Continued)
LEGAL DEBT MARGIN (continued)
Market value
Applicable percentage
Debt limit
Amount of debt applicable to debt limit:
Total bonded debt
Less: Special assessment bonds and
tax increment bonds
Less: Cash and investments in
debt service funds
Total debt applicable to debt limit
Legal debt margin
December 31,
1989 1988
$231,211,700
2%
4,624,234
8,787,500
8,487,500
0
300.000
$4 324 234
$187,826,200
2%
3.756.524
3,971,000
3,971,000
0
0
$3 756 524
Legal debt margin is calculated on general obligation bond issues only (i.e., this does not include
General Obligation Debt with special assessments pledged for payment or Revenue/Enterprise
Fund bonded debt).
COMPENSATED ABSENCES
The accrued liability for compensated absences is not recorded as a liability in the General Long -
Term Debt Account Group (for governmental funds) nor the Proprietary Funds. Unused vacation,
the portion of sick leave payable as severance pay, and the compensatory time are not considered
material to these financial statements. Unpaid vacation pay totaled $12,313 and $8,876 at
December 31, 1989 and 1988 respectively.
The City also has an unrecorded contingent liability for unused employee sick leave of $141,969
and $137,901 at December 31, 1989 and 1988 respectively.
DEFERRED REVENUE
Deferred revenue at December 31, 1989 consisted of the following amounts:
Uncollected park dedication fees
Property tax revenue
Special assessment revenue
Totals
$5,060
105,380
1,607,256
$1,717,696
CITY OF LINO LAKES, MINNESOTA
Page 13 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT - MULTIPLE EMPLOYER PERS
Plan Description
All full-time and certain part-time employees of the City of Lino Lakes are covered by defined
benefit pension plans administered by the Public Employees Retirement Association of Minnesota
(PERA). PERA administers the Public Employees Retirement Fund (PERF) and the Public
Employees Police and Fire Fund ( PEPFF) which are cost- sharing multiple- employer retirement
plans. PERF members belong to either the Coordinated Plan or the Basic Plan. Coordinated
members are covered by Social Security and Basic members are not. All new members must
participate in the Coordinated Plan. All police officers, fire fighters and peace officers who qualify
for membership by statute are covered by the PEPFF. The payroll for employees covered by
PERF and PEPFF for the year ended December 31, 1989, was $512,050 and $308,161,
respectively; the City's total payroll was $884,724.
PERA provides retirement benefits as well as disability benefits to members, and benefits to
survivors upon death of eligible members. Benefits are established by State Statute, and vest after
three years of credited service. The defined retirement benefits are based on a member's average
salary for any five successive years of allowable service, age, and years of credit at termination of
service. Two methods are used to compute benefits for Coordinated and Basic members. The
retiring member receives the higher of step -rate benefit accrual formula (Method 1) or a level
accrual formula (Method 2). Under Method 1, the annuity accrual rate for a Basic member is 2
percent of average salary for each of the first 10 years of service and 2.5 percent for each remaining
year. For a Coordinated member, the annuity accrual rate is 1 percent of average salary for each of
the first 10 years and 1.5 percent for each remaining year. Using Method 2, the annuity accrual
rate is 2.5 percent of average salary for Basic members and 1.5 percent for Coordinated members.
For PEPFF members, the annuity accrual rate is 2.5 percent for each of the first 25 years and 2
percent for each remaining year. For PERF members whose annuity is calculated using Method 1,
and for all PEPFF members, a full annuity is available when age plus years of service equal 90.
There are different types of annuities available to members upon retirement. A normal annuity is a
lifetime annuity that ceases upon the death of the retiree. No survivor annuity is payable. There
are also various types of joint and survivor annuity options available which will reduce the
monthly normal annuity amount, because the annuity is payable over joint lives. Members may
also leave their contributions in the fund upon termination of public service, in order to qualify for
a deferred annuity at retirement age. Refunds of contributions are available at any time to members
who leave public service, but before retirement benefits begin.
Contributions Required and Contributions Made
Minnesota Statutes Chapter 353 sets the rates for employer and employee contributions. The City
makes annual contributions to the pension plans equal to the amount required by state statutes.
According to Minnesota Statutes Chapter 356.215, Subd. 4(g), the date of full funding required for
the PERF and the PEPFF is the year 2020. As part of the annual actuarial valuation, PERA's
actuary determines the sufficiency of the statutory contribution rates towards meeting the required
full funding deadline. The actuary compares the actual contribution rate to a "required"
contribution rate. Current combined statutory contribution rates and actuarially required
contribution rates for the plans are as follows:
Statutory Rates: Required
Employees Employer Rates
PERF (Basic and
Coordinated Plans) 4.27% 4.67% 9.42%
PEPFF 8.00% 12.00% 16.69%
Page 14of21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS, (Continued)
RETIREMENT - MULTIPLE EMPLOYER PERS (Continued)
Total contributions made by the City during fiscal year 1989 were:
Percentage of
Amount Covered Payroll
Employees Employer Employees Employer
PERF $18,819 $18,819 4.00% 4.00%
PEPFF 23,766 35,649 8.00% 12.00%
Totals $42,585 $54,468
The City's contribution for the year ended June 30, 1989 to the PERF represented .0223 percent of
total contributions required of all participating entities. For the PEPFF, contributions for the year
ended June 30, 1989, represented .1605 percent of total contributions required of all participating
entities.
Funding Status and Progress
1. Pension Benefit Obligation
The "pension benefit obligation" is a standardized disclosure measure of the present value of
pension benefits, adjusted for the effects of projected salary increases and step -rate benefits,
estimated to be payable in the future as a result of employee service to date. The measure,
which is the actuarial present value of credited projected benefits, is intended to help users
assess PERA's funding status on a going -concem basis, assess progress made in accumulating
sufficient assets to pay benefits when due, and make comparisons among Public Employees
Retirement Systems and among employers. PERA does not make separate measurements of
assets and pension benefit obligation for individual employers.
The pension benefit obligations as of June 30, 1989, are shown below:
Total pension
benefit obligation
PERF PEPFF
$3,714,257 $582,299
Net assets available
for benefits, at cost
(Market Values for
PERF = $3,801,129;
PEPFF = $694,277) 2,934,977 637,868
Unfunded (assets in
excess of) pension
benefit obligation $779,280 ($55,569)
The measurement of the pension benefit obligation is based on an actuarial valuation as of
June 30, 1989. Net assets available to pay pension benefits were valued as of June 30, 1989.
CITY OF LINO LAKES, MINNESOTA
Page 15 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
RETIREMENT - MULTIPLE EMPLOYER PERS (Continued)
2. Changes in Actuarial Methods and Benefit Provisions.
A number of benefit improvements became effective during fiscal year 1989. Some of the
major improvements affecting each fund include a reduction in the period required for vesting
from five years to three years; an option for members hired before July 1, 1989, to have their
annuity calculated under a level benefit accrual formula; the interest rate credited on refunds of
member contributions increased from 5 percent to 6 percent; and the provision for an
automatic bounce back feature for all joint and survivor annuity options. In the PEPFF, age
and/or service requirements were reduced for eligibility for a normal retirement annuity, and
early retirement annuity, and for certain disability and survivor benefits.
For each fund, there were changes in the actuarial assumptions used in the annual actuarial
valuation. Effective for all funds beginning in fiscal year 1989, the preretirement interest rate
assumption was increased from 8 percent to 8.5 percent. Additionally for the PERF and the
PEPFF, the amortization target date has been changed to 2020. Shown below are the effects
on the pension benefit obligation of these changes in plan benefits and actuarial assumptions.
Increase (Decrease) in Pension
Benefit Obligation Due to:
(In Thousands)
PERF PEPFF
Changes in plan benefits $127,472 $27,851
Changes in actuarial assumptions (84,154) (25,963)
Net increase in pension
benefit obligation $43,318 $1,888
Ten -Year Historical Trend Information
Ten -year historical trend information is presented in PERA's Comprehensive Annual Financial
Report for the year ended June 30, 1989. This information is useful in assessing the pension
plan's accumulation of sufficient assets to pay pension benefits as they become due.
Related Party Investments
As of June 30, 1989, and for the fiscal year then ended, PERA held no securities issued by the
City or other related parties.
Page 16 of 21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 2 DETAIL NOTES ON ALL FUND AND ACCOUNT GROUPS (Continued)
DESIGNATIONS AND RESERVATIONS OF FUND EQUITY
Major fund equity designations at December 31, 1989 and 1988 are as follows:
December 31,
1989 1988
General Fund:
Designated for prepaid insurance $53,290 $56,626
Designated for sealcoating 40,000
Debt Service Funds:
Reserved for debt retirement 2,302,412 978,210
Capital Projects Funds:
Designated for capital improvements 2,228,693 1,083,709
Designated for committed contracts 213,594 9,475
Designated for equipment acquisition 158,663 60,059
Designated for park improvements 201,209 151,454
Totals $5,157,861 $2,379,533
DEFICIT FUND BALANCES
The following funds had deficits at December 31, 1989:
Fund
Deficit
Debt Service Funds:
1989A Certificates of Indebtedness $11,475
Capital Project Funds:
Community Development Block Grant 2,863
Surface Water Management 26,828
Interim Construction 116,795
Tax Increment Financing 1 -2 7,536
Tax Increment Financing 1 -3 10,772
Tax Increment Financing 1-4 3,279
The 1989A Certificates of Indebtedness deficit will be eliminated through the collection of future
tax levies.
The Capital Project Fund deficits will be funded by permanent bonding, direct charges to
developers, or transfers from other City Council designated funds.
CITY OF LINO LAKES, MINNESOTA
Page 17 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 3 COMBINED FINANCIAL STATEMENTS
The Combined Financial Statements contained in this report provide a summary overview of the
financial position of all funds and account groups and of the operating results of all funds. Also,
these statements serve as an introduction to the more detailed statements which follow. The reader
is cautioned that these combined statements have been condensed for presentation purposes and that
certain disclosures contained in the combining fund and account group financial statements may
not be disclosed in the combined financial statements.
NOTE 4 "MEMORANDUM ONLY" PRESENTATION
Presented in these financial statements are certain amounts labeled "memorandum only ". The
reader is cautioned that this information has certain limitations as follows:
(1) The "Total" columns of the various combined statements present combining of unlike
purpose funds and cannot be construed to be indicative of the overall financial position of
the City.
(2) Prior year "Total" columns likewise may combine unlike purpose funds (as in 1 above)
and additionally do not present detail components by fund group (as is presented for
current year totals) and therefore, are incomplete presentations of prior year statements of
financial position, results of operations and changes in financial position of the various
funds of the City as established by generally accepted accounting principles.
(3) Statements of Revenue, Expenditures and Changes in Fund Balance compared to budget
present prior year actual amounts. These amounts are incomplete presentations in that
prior year budget amounts are not included in conformance with generally accepted
accounting principles.
NOTE 5 DEFERRED TAX LEVIES - GENERAL BONDED DEBT
General obligation bonded debt of all Minnesota cities is issued in accordance with State Statutes.
When a bond issue to be fmanced by an ad valorem tax levy is sold, specific annual amounts of
such tax levies are stated in the bond resolution and the County Auditor is notified and instructed
to levy these taxes over the appropriate years. These future tax levies are subject to cancellation
when and if the City has provided alternative financing. Alternatively, the City Council is required
to levy any additional taxes found necessary for the full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying fmancial statements
in accordance with generally accepted accounting principles. Revenue from these tax levies is
recognized annually as explained under "Property Tax Revenue Recognition ".
Scheduled and actual debt service tax levies for the general obligation debt were and are scheduled to
be as follows:
Page 18 of 21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 5 DEFERRED TAX LEVIES - GENERAL BONDED DEBT (Continued)
Levy/ Percent
Collection Scheduled Actual Levied
1987/88 $126,428 $117,000 92.54%
1988/89 0 19,477
1989/90 189,785 158,294 83.41%
1990/91 150,153
1991/92 147,250
1992/93 143,955
1993/94 135,009
• t I
ASSESSMENTS PLEDGED
Certain special assessment bond issues sold by the City are partially financed by ad valorem tax
levies in addition to special assessments levied against the benefited properties. When the bond
issue to be financed partially or wholly by ad valorem tax levies is sold, specific annual amounts
of such tax levies are stated in the bond resolution and the county auditor is notified and instructed
to levy these taxes over the appropriate years. These future tax levies are subject to cancellation
when and if the City has provided alternative sources of financing. Alternatively, the City is
required to levy any additional taxes found necessary for the full payment of principal and interest.
These future scheduled tax levies are not shown as assets in the accompanying fmancial statements
in accordance with generally accepted accounting principles. Revenue from these tax levies is
recognized annually as explained under "Property Tax Revenue Recognition ".
Scheduled and actual debt service tax levies for the general obligation debt with special assessments
pledged were and are scheduled to be as follows:
Levy/ Percent
Collection Scheduled Actual Levied
1987/88 $29,801 $0 0.00%
1988/89 34,838 0 0.00%
1989/90 35,639 0 0.00%
1990/91 2,508
1991/92 1,689
1992/93 839
NOTE 7 METROPOLITAN WASTE CONTROL COMMISSION
The MWCC bills the City annually based upon estimated volume and budgeted costs. These
billings are later adjusted when actual volume and actual costs are determined. The adjustment to
actual is generally determined in the succeeding calender year and payable, by the City, in the
second succeeding calendar year. The City follows the accounting policy of recognizing these
charges as an expense of the sewer utility operation in the year for which they are billed (for
estimated billings) and in the year the adjustments are determined (for adjustments from estimated
to actual billings).
CITY OF LINO LAKES, MINNESOTA
Page 19 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 8 CONTINGENCIES
The City attorney has indicated that existing and pending lawsuits, claims and other actions in
which the City is a defendant are either covered by insurance; of an immaterial amount; or, in the
judgement of the City attorney, remotely recoverable by plaintiffs.
NOTE 9 FEDERALLY ASSISTED PROGRAMS - COMPLIANCE AUDITS
The City receives financial assistance from federal and state governmental agencies in the form of
grants. The disbursement of funds received under these programs generally requires compliance
with the terms and conditions specified in the grant agreements and is subject to audit by the
grantor agencies. Any disallowed claims resulting from such audits could become a liability of the
applicable fund. However, in the opinion of management, any such disallowed claims will not
have a material effect on any of the financial statements of the individual fund types included herein
or on the overall financial position of the City at December 31, 1989.
NOTE 10 DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue Code Section 457. The deferred compensation plan is offered by the International City
Managers Association (ICMA). The plan, available to all employees, permits them to defer a
portion of their salary until future years. The deferred compensation is not available to the
employees until termination, retirement, death or unforeseeable emergency.
All amounts of compensation deferred under the plan, all property and rights purchased with those
amounts, and all income attributable to those amounts, property or rights are (until paid or made
available to the employee or their beneficiary) solely the property and rights of the City (without
being restricted to the provisions of benefits under the plan), subject only to the claims of the
City's general creditors. Participants' rights under the plan are equal to those of general creditors of
the City in an amount equal to the fair market value of the deferred account for each participant.
For the year ended December 31, 1989, the following deferred payroll deductions were remitted to
the plan:
Employee $23,345
Employer 0
Total $23,345
The value of total remittances at December 31, 1989 was $119,058. This amount is presented in
an agency fund in accordance with GASB Statement No. 2.
Page 20 of 21
CITY OF LINO LAKES, MINNESOTA
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 11 TAX INCREMENT DISTRICTS
The City of Lino Lakes is the administrating authority for Economic Development District #1
established under MS 273.71 in 1987. Within the Economic Development District are the
following Tax Increment Financing Districts. As of December 31, 1989 the City has not issued
Tax Increment bonds for any of it's Tax Increment Districts.
Housing District #1 -1 was established under MS 273.73 subd. 11 in 1987. The duration of the
district is 25 years.
Current tax capacity $136,762
Original tax capacity 2,311
Captured tax capacity $134,451
Retained by authority $132,500
Shared with other taxing districts 1,951
Total $134,451
District #1 -2 was established pursuant to MS 469.174, subd. 12 which qualifies it as a Economic
Development TIF district. The duration of the district is eight years from the date of the receipt of
the first increment or ten years from the date of approval of the TIF plan, whichever comes first.
Current tax capacity $11,313
Original tax capacity 5,767
Captured tax capacity $5,546
Retained by authority $2,719
Shared with other taxing districts 2,827
Total $5,546
District #1 -3 was established pursuant to MS 469.174. The duration of the district is 25 years
from the date of the fast increments.
Current tax capacity $4,045
Original tax capacity 4,045
Captured tax capacity $0
Retained by authority $0
Shared with other taxing districts 0
Total $0
The City of Lino Lakes has not filed Tax Increment District #1-4 with Anoka County as of
December 31, 1989.
CITY OF LINO LAKES, MINNESOTA
Page 21 of 21
NOTES TO FINANCIAL STATEMENTS
December 31, 1989
NOTE 12 SUBSEOUENT EVENT
On December 26,1989 the City approved the issuance of the $275,000 Certificates of Indebtedness
series 1989B. The certificates were issued on February 1,1990.
COMBINING, INDIVIDUAL FUND
AND
ACCOUNT GROUP
FINANCIAL STATEMENTS
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
BALANCE SHEET
December 31, 1989
Assets
Statement 6
December 31.
1989 1988
Cash and investments $987,427 $858,505
Accounts receivable 10,815 4,433
Due from other governmental units 21,073 5,353
Taxes receivable:
Delinquent 44,346 37,996
Due from county 22,713 26,156
Assessments receivable:
Delinquent 125 125
Prepaid expenses 53.290 56.626
Total assets $1,139,789 $989,194
Liabilities and Fund Balance
Liabilities:
Accounts payable $39,334 $82,573
Salaries payable 4,221 2,824
Customer deposits 11,999 11,198
Due to other govenrunentai units 9,711 10,016
Deferred revenue 44.471 38.121
Total liabilities 109.736 144,732
Fund Balance:
Unreserved:
Designated
Undesignated
Total fund balance
Total liabilities and fund balance
53,290 96,626
976.763 747.836
1.030.053 _ 844.462
$1,139,789 $989,194
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31,1989
1989
Over (Under)
Budget Actual Budget
Revenue:
General property taxes:
Current and delinquent $593,264 $595,980 $2,716
Fiscal disparities 245,168 245,168
Penalties and interest 7.324 7.324
Total general property taxes 845.756 848.472 2.716
Licenses and permits:
Non - business 211,750 237,101 25,351
Business 13.700 19.886 6.186
Total licenses and permits 225.450 256.987 31.537
Intergovernmental:
State:
Local government aid 331,212 330,823 (389)
Homestead credit 270,645 270,645
Mobile home homestead credit 2,749 2,749
Agricultural credit 8,223 8,223
Small business credit
Police state aid 33,300 32,739 (561)
Police - other 14,103 14,103
MSA maintenance 13,900 13,935 35
Surcharge rebate 5,690 5,690
Video game refund
Other 3,500 3,500
County:
Solid waste 8.000 16.151 8.151
Total intergovemmental 668.029 698.558 30.529
Charges for services:
General government 2,550 8,336 5,786
Township (City Planner)
City Planner - escrow charges 5,759 5,759
Fees retained from collection for
other governments - SAC 902 902
Administrative charge - other funds 15,522 7,940 (7,582)
Public safety 76.632 73.743 (2.889)
Total charges for services 94.704 96.680 1.976
Fines and forfeits 70.800 73.614 2.814
Interest on investments 54.930 54.930
Gas franchise fees 10.000 11.875 1.875
Miscellaneous:
Sale of property 8,278 8,278
Other 16.000 32.401 16.401
Total miscellaneous 16.000 40,679 24.679
Total revenue
1.930.739 2.081795 151.056
The accompanying notes are an integral part of these financial statements.
1
Statement 7
Page 1 of 4 1
1
Actual
$565,272
186,358
18.285
769.915
215,271
14.240
229.511 •
232,157
259,384
2,869
4,410
33,298
3,424
13,935
90
549 567
3,073
8,398
1,874
179 1
15,522
57.021
86.067
70,142
25.014
9.615 1
19,965
33.176
53.141 1
1.792.972
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1989
1989
Statement 7
Page 2 of 4
Over (Under) 1988
Budget Actual Budget Actual
Expenditures:
General government:
Mayor and council:
Current
Personal services $12,083 $12,128 $45 $14,952
Supplies 50 195 145 150
Other services and charges 12.000 10,560 (1.440) 6.294
Total mayor and council 24,133 22.883 (1250) 21.396
Elections:
Current
Personal services 2,700 2,613 (87) 5,114
Supplies 250 128 (122) 289
Other services and charges 350 1,319 969 204
Capital outlay 2,500 (2,500)
Total elections 5.800 4,060 (1,740) 5,607
Administration:
Current
Personal services 221,082 225,536 4,454 176,518
Supplies 11,500 13,221 1,721 9,031
Other services and charges 13,170 12,663 (507) 9,868
Capital outlay 1.650 1.383 (267) 818
Total administration 247.402 252,803 5.401 196.235
Assessing:
Current
Contractual services 18,500 19,232 732 15,964
Supplies 95 95
Total assessing 18.500 19.327 827 15.964
Consultants:
Current ( personal services):
Engineer 22,500 23,067 567 27,442
Independent accountants and auditor 20,000 24,351 4,351 18,135
Planning and zoning 4,000 1,234 (2,766) 3,334
Legal 60,500 57,421 (3,079) 50,883
Surface water management 5,000 (5,000) 27,883
Pavement management study 7,748 7,748
Computer 24,238
Legal printing 4,600 7,155 2,555 1,842
Other 15,550 26,572 11,022 15,356
Capital outlay - computer 27.131
Total consultants 132.150 147,548 15.398 196,244
Planning and zoning commission:
Current
Personal services 1,570 1,006 (564) 657
Supplies 297 297
Other services and charges 1.700 1.166 (534) 986
Total planning and zoning commission 3.270 2.469 (801) 1.643
Charter commission:
Current
Supplies 128 128
Other services and charges 1.000 3.416 2.416 1.982
Total charter commission 1.000 3.544 2.544 1,982
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE e BUDGET AND ACTUAL
For The Year Ended December 31, 1989
1989
Statement 7
Page 3 of 4
Over (Under) 1988
Budget Actual Budget Actual
Planner.
Current
Personal services $48,625 $48,835 $210 $42,124 i
Supplies 150 260 110 II
Other services and charges 1,400 707 (693) 737
Capital outlay 700 1.035 335 220
Total planner 50.875 50.837 (38) 43.081
General government buildings:
Current I
Personal services 14,075 13,958 (117) 14,652
Supplies 6,450 10,957 4,507 112
Other services and charges 58,525 63,538 5,013 55,957
Capital outlay 45.700 32.575 (13325) 12.912
I
Total general government buildings 124.750 121.028 (3322) 83.633
1
1
1
1
1
Total general government 607.880 624.499 16.619 565.785
Public safety:
Police:
Current
Personal services 425,762 422,782 (2,980) 372,273
Supplies 31,800 42,841 11,041 28,194
Other services and charges 19,300 20,612 1,312 12,727 ,
Capital outlay 1.000 582 (418) 12.080
Total police 477.862 486.817 8.955 425.274
Fire protection:
Current
I
Personal services 90 90 196
Supplies 815 815 561
Contractual services 155,000 176,518 21,518 120,725 I
Other services and charges 2,287 2,287 2,364
Capital outlay 19.840 19.840 21.120
Total fire protection 174.840 199.550 24.710 144.966
Building inspection:
Current:
Personal services 42,175 39,166 (3,009) 37,749
Supplies 1,650 3,828 2,178 1,466 I
Other services and charges 2,950 2,065 (885) 2,041
Capital outlay 464 464
Total protective inspection 46.775 45.523 (1.252) 41.256
Civil defense: 111
Current
Personal services 550 117 (433) 3
Supplies 500 141 (359) 128
I
Other services and charges 880 863 (17) 740
Capital outlay 13.000 13.294 294 58
Total civil defense 14.930 14.415 (515) 929
The accompanying notes are an integral part of these financial statements.
1
1
CITY OF LINO LAKES, MINNESOTA
GENERAL FUND
STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL
For The Year Ended December 31, 1989
1989
Statement 7
Page 4 of 4
Over (Under) 1988
Budget Actual Budget Actual
Animal control:
Current
Supplies $275 $324 $49 $318
Contractual services 6.000 4.000 (2,000) 3.333
Total animal control 6.275 4,324 (1,951) 3,651
Total public safety
720.682 750.629 29.947 616.076
Highways and streets:
Current
Personal services 213,212 156,290 (56,922) 128,308
Supplies 32,638 49,974 17,336 35,606
Contractual services:
Streets 125,000 114,533 (10,467) 65,009
Signs 14,000 8,867 (5,133) 9,722
Street lighting 13,000 11,525 (1,475) 9,072
Other services and charges 14,050 16,749 2,699 15,412
Capital outlay 1.511 1.511 10.485
Total highways and streets 411.900 359.449 (52,451) 273.614
Parks:
Current
Personal services 79,400 93,563 14,163 68,018
Supplies 27,775 26,801 (974) 14,535
Other services and charges 8,600 8,814 214 2,410
Contractual services 2,700 5,475 2,775 5,633
Capital outlay 15.000 7.819 (7,181) 7.265
i Total parks 133.475 142.472 8.997 97.861
Solid waste abatement
Current
Personal services 4,410 1,667 (2,743)
Supplies 1,000 617 (383) 10
Other services and charges 1,230 614 (616) 445
Contractual services 14.740 14,740
Total parks 6.640 17.638 10.998 455
Miscellaneous:
Current
Items purchased for resale 21,090
Other 200 1.517 1.317 16.021
Total miscellaneous 200 1.517 1.317 37.111
Total expenditures 1.880.777 1,896,204 15.427 1.590.902
Net increase (decrease) in fund balance $49,962 185,591 $135,629 202,070
Fund balance - January 1 844.462 642.392
Fund balance - December 31 $1,030,053 $844,462
The accompanying notes are an integral part of these financial statements.
Assets
Cash and investments
Taxes receivable:
Delinquent
Special assessments receivable:
Delinquent
Deferred
Special deferred
City property
Tax forfeit
Due from County
Total assets
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
December 31, 1989
1989A Improvement Improvement Improvement
Closed Certificates of Bonds Bonds Bonds
Bond Indebtedness of 1981 of 1983 of 1984
$88,207 $22,819 $10,908 $11,128
1,958
9,286 51,588 7,150
34 261
$90,199 $0 $32,366 $62,496 $18,278
Liabilities and Fund Balance
Liabilities:
Cash overdraft $11,475
Deferred revenue $1.992 $9.547 $51.588 $7,150
Total liabilities 1,992 11,475 9,547 51,588 7,150
Fund Balance:
Reserved for debt retirement 22,819 10,908 11,128
Unreserved
Undesignated 88.207 (11,475)
Total fund balance 88.207 (11.475) 22.819 10.908 11.128
Total liabilities and fund balance $90,199 $0 $32,366 $62,496 $18,278
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 8
Temporary Temporary Temporary
Improvement Improvement Improvement Improvement Improvement Totals
Bonds Bonds Bonds of Bonds of Bonds of December 31,
of 1986 of 1987 1988 1988 1989 1989 1988
(Memorandum
Only)
$304,429 $823,702 $447,826 $245,163 $396,201 $2,350,383 $996,039
1,958 3,209
24,671 16,949 120,131 161,751 120,138
77,402 162,248 664,399 80,029 1,052,102 1,482,443
38,700 17,326 9,366 65,392 54,899
131,752 10,801 142,553 142,553
121,004 121,299 121,299
16.482 1.177 22577 40.236 49.651
$714,440 $1,021,402 $1,275.100 $325,192 $396,201 $3,935,674 $2,970,231
$11,475 $220,456
$393.529 $196,523 $804.697 $80.029 1.545.055 1,924,540
393.529 196.523 804.697 80.029 $0 1,556530 2,144.996
320,911 824,879 470,403 245,163 396,201 2,302,412 978,210
76.732 (152.975)
320.911 824.879 470.403 245.163 396.201 2.379.144 825.235
$714,440 $1.021,402 $1,275,100 $3251192 $3961201 $3,935,674 $2.970,231
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1989
1985 1989A
Certificates 1987 Certificates Improvement Improvement
Closed of Equipment of Bonds Bonds
Bond Indebtedness Certificates Indebtedness of 1981 of 1982
Revenue:
General property taxes:
Current and delinquent $9,745 $80 $5,685
Penalties, interest and other 601 3 8
Tax forefeit
Total general property taxes 10.346 83 5.693
Intergovernmental:
State:
Homestead credit 4,680
Agricultural credit 142
Total intergovernmental 4.822
Special assessments:
Current and delinquent $6,310 $2,380
Prepayments
Tax forfeit
Penalties and interest 19
Total special assessments 6.329 2.380
Interest on investments 5.737 1.841
MWCC reimbursement
Total revenue 20.905 83 5.693 $0 8.170 2.380
Expenditures:
Debt Service:
Principal retirement 5,000
Interest 11,475 1,637
Paying agent fees 359
Total expenditures 0 0 0 11.475 6.996 0
Revenue over (under) expenditures 20.905 83 5.693 (11.475) 1.174
Other increases:
Operating transfer - from
Capital Project Funds
Bond proceeds
Total other increases 0 0 0 0 0 0
Net increase (decrease) in fund balance 20,905 83 5,693 (11,475) 1,174 2,380
Fund balance - January 1 62,777 5,274 (6,525) 0 21,645 283,934
Residual equity transfer - in 5,357 832
Residual equity transfer - out (832) (5.357) (286.314)
Fund balance - December 31 $88.207 $0 $0 ($11.475) 822.819 50
2.380
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 9
1
1
Temporary Temporary Temporary
hninovement Improvement Iinp,ovement Improvement Improvement Improvement Improvement Totals
I Bonds Bonds
of 1984 Bonds Bonds Bonds of Bonds of
of 1987 1988 Bonds of December 31,
of 1983 of 1986 1988 1989 1989 1988
(Memorandum
Only)
$29 $15,539 $84,719
6 618 344
742
35 16.157 85.805
1 4,680 29,963
142
I 4.822 29.963
$16,275 $2,811 33,934 $58,771 $165,176 $1,998 287,655 359,556
1,634 5,861 135,209 247,506 204,460 $18,834 613,504 779,671
I
16,482 16,482 32,170
7 3.319 206 10.088 13.639 38.827
16.275 4.452 59.596 194.186 422.770 206.458 18.834 931.280 1.210,224
657 975 19.475 48.021 23.741 10.650 111.097 46.560
I 36.400
16.932 5.427 79.106 242.207 422.770 230,199 29.484 1.063.356 1.408.952
1 10,000 3,500 125,000 143,500 2,109,000
4,400 1,811 19,975 85,800 62,575 37,820 142,130 367,623 254,692
400 647 240 277 338 2.261 2.218
14.400 5.311 145.375 86.447 62.815 38.097 142.468 513.384 2.365.910
I2.532 116 (66.269) 155.760 359.955 192.102 (112.984) 549.972 (956.958)
I27,028 148,049 319,675 494,752
509.185 509.185 1.013.011
0 0 27.028 148.049 319.675 0 509.185 1.003.937 1.013.011
1 2,532 116 (39,241) 303,809 679,630 192,102 396,201 1,553,909 56,053
8,376 11,012 73,838 521,070 (209,227) 53,061 0 825,235 788,243
1 286,314 292,503
(292.503) (19.061)
I$10.908 $11.128 $320.911 $824,879 $470.403 $245,163 $396,201 $2,379,144 $825,235
1
1
1
1 The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MLNNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1989
Statement 10
Page 1 of 2
Parks Capital Community Area Surface
and Improvement Development Connection Water
Playgrounds Projects Block Grant Charge Management
Assets
Cash and investments $195,236 $159,851 $219,630
Accounts receivable 11,975
Due from other governmental units $19,437
Taxes receivable:
Delinquent 89
Due from County
Special assessments receivable:
Delinquent
Deferred 52,682
Special Deferred
Total assets $207,211 $159,940 $19,437 $272.312
Liabilities and
Fund Balance
$0
Liabilities:
Cash overdraft $22,300 $24,456
Accounts payable $942 $1,188 $4,256 2,372
Contracts payable
Due to other governmental units
Deferred revenue 5.060 89 52.682
Total liabilities 6.002 1277 22.300 56.938 26.828
Fund balance (deficit):
Unreserved:
Designated:
Committed contracts
Capital improvements 215,374
Equipment acquisition 158,663
Park improvements 201,209
Undesignated (2,863) (26.828)
Total fund balance 201.209 158.663 (2,863) 215.374 (26,828)
Total liabilities and fund balance $207,211 $159,940 $19,437 $272312 $0
The accompanying notes are an integral part of these financial statements.
Assets
Cash and investments
Accounts receivable
Due from other governmental units
Taxes receivable:
Delinquent
Due from County
Special assessments receivable:
Delinquent
Deferred
Special Deferred
Total assets
Liabilities and
Fund Balance
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING BALANCE SHEET
December 31, 1989
Interim 1983 1987 1988A 1988B
Construction Construction Construction Construction Construction
$8,150
11,352
$46,010 $135,944 $168,657 $241,299
$19,502 $46,010 $135,944 $168,657 $241,299
Liabilities:
Cash overdraft $34,942
Accounts payable 20,032 $4,196
Contracts payable 1,206
Due to other governmental units 68,765 $24,403
Deferred revenue 11.352
Total liabilities 136.297 24.403 $0 4.196
Fund balance (deficit):
Unreserved
Designated
Committed contracts 1,466
Capital improvements 20,141 135,944 164,461 241,299
Equipment acquisition
Park improvements
Undesignated (116.795)
Total fund balance (116,795) 21.607 135.944 164.461 241.299
Total liabilities and fund balance $19.502 $46,010 $135,944 $168,657 $241,299
The accompanying notes are an integral part of these financial statements.
1
1
1 CITY OF LINO LAKES, MINNESOTA
Statement 10
Page 2 of 2
1
Tax Increment Tax Increment Tax Increment Tax Increment Totals
1989 Financing Financing Financing Financing December 31,
I Construction 1 -1 1 -2 1 -3 1-4 1989 1988
(Memorandum
Only)
$1,720,053 $135,124 $3,021,804 $1,381,380
1 11,975 5,060
27,587 11,612
1 58,987 59,076 183
10,684 10,684 1,652
3,013
1 64,034 79,985
18.831
1 $1,720,053 $204,795 $0 $0 $0 $3,195,160 $1.501,716
1
$7,536 $8,841 $3,279 $101,354 $172,504
1 $36,569 1,931 71,486
166,896 49,318
165,690 40,262
93,168 24,403
$58.987 128.170 107.072
1
202.259 58.987 7,536 10.772 3.279 561.074 393.559
212,128 28 213,594 9,475
1,305,666 145,808 2,228,693 1,083,709
1 158,663 60,059
201,209 151,454
(7.536) (10,772) (3,279) (168,073) (196,540)
I1.517.794 145.808 (7.536) (10372) (3,279) 2.634,086 1,108.157
$1.720.053 $204,795 $0 $0 $0 $3,195,160 $1,501,716
1
1
1
1 The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31, 1989
Statement 11
Page 1 of 2
Parks Capital Community Area Surface
and Improvement Development Connection Water
Playgrounds Proiects Block Grant Charge Management
Revenue:
General property taxes:
Current and delinquent $74
Penalties, interest and other 35
Tax increments
Total general property taxes 109
Connection and area charges $75.425
Intergovernmental:
State:
MSA construction
Homestead credit
Federal:
CDBG $21.150
Total intergovernmental 21.150
Special assessments:
Current and Delinquent
Prepayments 119,043
Penalties and interest
Total special assessments 119.043
Interest on investments $15.827 13.776 2.953
Other 79.275
Total revenue 95.102 13.885 21.150 197.421 $0
Expenditures:
General government:
Current:
Personal services 7,832
Contractual services 5,402 13,940 6,794 26,828
Supplies 6,080
Other
Capital outlay:
General govemment 2,974
Public safety 17,421
Highways and streets 181,952
Parks 33,865 13,500
Construction costs
Total expenditures 45.347 215.847 21.772 6.794 26.828
Revenue over (under) expenditures 49.755 (201.962) (622) 190.627 (26.828)
Other increases:
Operating transfer - to Debt Service Funds
Bonds proceeds 300.566
Total other increases 0 300.566 0 0 0
Net increase (decrease) in fund balance 49,755 98,604 (622) 190,627 (26,828)
Fund balance (deficit) - January 1 151,454 60,059 (2,241) 24,747 0
Residual equity transfer
Fund balance (deficit) - December 31 $201.209 $158.663 ($2.863) $215,374 ($26,828)
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
CAPITAL PROJECT FUNDS
COMBINING STATEMENT OF REVENUE, EXPENDITURES AND
CHANGES IN FUND BALANCE
For The Year Ended December 31,1989
Interim 1983 1987 1988A 1988B
Construction Construction Construction Construction Construction
Revenue:
General property taxes:
Current and delinquent
Penalties, interest and other
Tax increments
Total general property taxes
Connection and area charges
Intergovernmental:
State:
MSA construction $172,413
Homestead credit
Federal:
CDBG
Total intergovernmental 172.413
Special assessments:
Current and Delinquent 2,263
Prepayments 35,000 $135,612
Penalties and interest 6
Total special assessments 37.269 135.612
Interest on investments 19.128 $3,579 $10,966 $36,078 11,202
Other
Total revenue 228.810 3.579 10.966 36.078 146,814
Expenditures:
General government:
Current:
Personal services
Contractual services
Supplies
Other
Capital outlay:
General government
Public safety
Highways and streets
Parks
Construction costs 385,786 118 12.719
Total expenditures 385.786 0 118 0 12.719
Revenue over (under) expenditures (156,976) 3.579 10.848 36.078 134.095
Other increases:
Operating transfer - to Debt Service Funds (169,741) (5,336) (319,675)
Bonds proceeds
Total other increases (169,741) 0 (5,336) (319,675) 0
Net increase (decrease) in fund balance (326,717) 3,579 5,512 (283,597) 134,095
Fund balance (deficit) - January 1 209,922 18,028 130,432 448,058 107,204
Residual equity transfer
Fund balance (deficit) - December 31 ($116,795) $21,607 $135,944 $164,461 $241299
The accompanying notes are an integral part of these fmancial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 11
Page 2 of 2
Tax Increment Tax Increment Tax Increment Tax Increment Totals
1989 Financing Financing Financing Financing December 31.
Construction 1 -1 1 -2 1 -3 1-4 1989 1988
(Memorandum
onlY)
$74 $107
35 190
$82,798 82,798 49,808
82.798 82.907 50.105
75,425 24.160
172,413
8,593 8,593 90
21.150 11.612
8,593 202.156 11.702
2,263 8,231
$699,022 988,677
6
699,022 990,946 8.231
85,174 5,261 203,944 76,168
79.275 47.750
784.196 96.652 $0 $0 $0 1.634.653 218.116
7,832 5,630
940 1,223 10,772 3,279 69,178 19,194
6,080 1,300
241
2,974
17,421 35,032
181,952
47,365 20,080
3,300,493 3,699.116 761.067
3,300.493 940 1.223 10.772 3,279 4.031.918 842.544
(2,516,297) 95,712 (1223) (10.772) (3279) (2.397265) (624.428)
(494,752)
4,117,380 4,417,946 744,936
4,117.380 0 0 0 0 3923,194 744.936
1,601,083 95,712 (1,223) (10,772) (3,279) 1,525,929 120,508
(83,289) 50,096 (6,313) 0 0 1,108,157 968,588
19,061
$1,517,794 $145,808 ($7.536) ($10.772) ($3,279) $2,634,086 $1,108,157
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUNDS
WATER AND SEWER FUND
BALANCE SHEET
December 31, 1989
Assets
Current assets:
Cash and investments
Accounts receivable
Due from other governmental units
Prepaid expenses
Inventory
Total current assets
Fixed assets:
Well
Buildings
Equipment
Water and sewer system
Total Fixed assets
Less: Allowance for depreciation
Net Fixed assets
Total assets
Liabilities and Fund Equity
Liabilities:
Cash overdraft
Accounts payable
Salaries payable
Due to other governmental units
Total liabilities
Fund equity:
Contributions - net
Retained earnings
Total fund equity
Total liabilities and fund equity
Statement 12
December 31,
1989 1988
(Memorandum
Only)
$18,909
55,648
12,223
1,792
5,903
94,475
$37,746
12,827
5,760
2,737
59,070
18,500 18,500
48,690 48,690
19,730 17,421
3,471,830 3,197305
3,558,750 3,281,916
(327329) (259560)
3,231,421 3,022356
$3,325,896 $3,081,426
$10,124
298
769
11,191
3,226,925
87,780
3,314,705
$6,726
3,251
87
4.106
14.170
3,019,402
47.854
3.067.256
$3,325,896 $3,081,426
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
WATER AND SEWER FUND
STATEMENT OF REVENUE, EXPENSES AND CHANGES IN RETAINED EARNINGS
For The Year Ended December 31, 1989
Operating revenue:
Charges for services
Other operating revenue
Total operating revenue
Operating expenses:
Personal services
Materials and supplies
Contractual services
Repair and maintenance
MWCC sewer charges
Depreciation:
Purchased assets
Contributed assets
Utilities
Other
Total operating expenses
Net income (loss) from operations
Other income :
Maintenance agreement - MWCC
Net income (loss)
Other increases :
Credit arising from transfer of depreciation
to contributions from property owners
Net increase (decrease) in retained earnings
Retained earnings - January 1
Retained earnings - December 31
Statement 13
December 31,
Water Sewer 1989
$72,238 $82,408 $154,646
22.546 4.396 26,942
94,784 86,804 181,588
20,913 14,636 35,549
1,315 1,143 2,458
7,148 1,442 8,590
34,084 1,714 35,798
50,531 50,531
600 169 769
31,226 35,775 67,001
16,683 1,366 18,049
207 367 574
112 176 107,143 219,319
($17,392) ($20339) (37,731)
10,656
(27,075)
67,001
39,926
47.854
$87.780
The accompanying notes are an integral part of these financial statements.
1988
(Memorandum
Only)
$113,581
14,498
128,079
34,966
2,341
1,924
17,135
36,025
813
22,530
4,901
3.897
124,532
3,547
7,319
10,866
22.530
33,396
14,458
$47,854
CITY OF LINO LAKES, MINNESOTA
ENTERPRISE FUND
WATER AND SEWER FUND
STATEMENT OF CASH FLOWS
For The Year Ended December 31, 1989
Statement 14
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Totals 1
1989
1988
(Memorandum
Only)
Cash flows from operating activities:
Operating income (loss) ($37,731) $3,547
Adjustments to reconcile operating income to
net cash flows from operating activities:
Depreciation 67,770 23,343
Change in assets and liabilities:
Decrease (increase) in receivables (17,298) (13,001)
Decrease (increase) in prepaid expenses 3,968 (858)
Decrease (increase) in inventory (3,166) 508
Increase (decrease) in payables 3.747 (442)
Net cash flows from operating activities 17.290 13.097
Cash flows from noncapital financing activities:
Maintenance agreement - MWCC 10.656 7.319
Cash flows from capital and related financing activities:
Purchase of fixed assets (2311)
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Net increase (decrease) in cash 25,635 20,416
Cash and investments - January 1 (6,726) (27,142)
Cash and investments - December 31 $18,909 ($6,726)
The accompanying notes are an integral part of these financial statements.
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Assets
Cash and investments
Cash with escrow agent
Accrued interest on investments
Due from developers
Total assets
Liabilities
Cash overdraft
Accounts payable
Due to developers
Deferred compensation payable
Total liabilities
CITY OF LINO LAKES, MINNESOTA
AGENCY FUNDS
COMBINING BALANCE SHEET
December 31, 1989
Contractors Investment Deferred
Deposits Fund Compensation
$33,993
$90,731
32.924
$119,058
$66,917 $90,731 $1191058_
$5,690
61,227
$90,731
$119.058
Statement 15
Totals
December 31.
1989 1988
Memorandum
Only)
$33,993 $3,549
119,058 86,174
90,731 14,732
32.924 16.533
$276.706 $120.988
$90,731
5,690
61,227
119.058
$14,732
482
19,600
86.174
$66.917 $90.731 $119,058 $276,706 $120,988
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA
Statement 16
AGENCY FUNDS
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
For The Year Ended December 31, 1989
Balance Balance
January 1, December 31,
1989 Additions Deletions 1989
Contractors deposits:
Assets
Cash and investments $3,549 • $65,746 $35,302 $33,993
Due from developers 16.533 16.391 32.924
Total assets $20,082 $82,137 $35.302 $66.917
Liabilities
Accounts payable $482 $5,690 $482 $5,690
Due to developers 19,600 79.960 38.333 61.227
Total liabilities $20,082 $85,650 $38.815 $66.917
Investment Fund:
Assets
Accrued interest on investments
$14,732 $90 731 $14 732 $90 731
Liabilities
Cash overdraft $14.732 $90,731 $14,732 , $90,731
Deferred Compensation:
Assets
Cash with escrow agent
Liabilities
Deferred compensation payable
Totals -All Trust and Agency Funds:
$86,174 $35,972_ $3,088 5119,058
$86,174 $35$72
$3.088 $119.058
Assets
Cash and investments $3,549 $65,746 $35,302 $33,993
Cash with escrow agent 86,174 35,972 3,088 119,058
Accrued interest on investments 14,732 90,731 14,732 90,731
Due from developers 16.533 16.391 32.924
Total assets $120.988 s $208.840 _ $53,122 $276,706
Liabilities
Cash overdraft $14,732 $90,731 $14,732 $90,731
Accounts payable 482 5,690 482 5,690
Due to developers 19,600 79,960 38,333 61,227
Deferred compensation payable 86.174 35.972 3.088 119,058
Total liabilities $120,988 $212.353 $56.635 76 706
The accompanying notes are an integral part of these financial statements.
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CITY OF LINO LAKES, MINNESOTA
Statement 17
STATEMENT OF GENERAL FIXED ASSETS
December 31, 1989
(Unaudited)
Balance Balance
January 1, December 31,
1989 Additions Deletions 1989
Land $298,943 $298,943
Wells 6,216 6,216
Buildings and improvements 525,225 $44,680 569,905
Furniture and equipment 637,324 251,584 $8,485 880,423
Totals $1,467,708 $296,264 $8,485 $1,755,487
The accompanying notes are an integral part of these financial statements.
CITY OF LINO LAKES, MINNESOTA 1
Statement 18
STATEMENT OF GENERAL LONG - TERM DEBT
December 31, 1989 1
December 31.
1989 1988
Amount Available And To Be Provided For The
Retirement of Long -Term Debt
Amount available in Debt Service Fund $2,379,144 $825,235
Amount to be provided- future tax levies/ assessments /tax increment collections 6.599201 3.344.895
Total available and to be provided $8.978345 $4.170,130 I
General Long -Term Debt Payable
Bonds payable:
General Obligation Bonds:
1989 Equipment Certificates $300,000
II
Total General Obligation Bonds 300.000 $0
General Obligation Bonds with special assessments pledged:
G. O. Improvement Bonds of 1981 10,000 15,000
G. O. Improvement Bonds of 1983 40,000 50,000
G. O. Improvement Bonds of 1984 17,500 21,000
G. O. Improvement Bonds of 1986 340,000 465,000
G. O. Temporary Improvement Bonds of 1987 1,650,000 1,650,000
G. O. Improvement Bonds of 1988A 1,160,000 1,160,000
G. O. Temporary Improvement Bonds of 1988B 610,000 610,000
G. O. Temporary Improvement Bonds of 1989 4,660.000
Total General Obligation Bonds with special assessments pledged 8.487300 3.971,000
Total Bonds Payable 8,787,500 3,971,000
Assessments payable on City property 151,130 151,130 I
Contract for deed 32,000 48,000 1
Capital lease - phone system 7.715
Total general long -term debt $8,978,345 $4,170,130
I
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The accompanying notes are an integral part of these financial statements. 1
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SUPPLEMENTARY
FINANCIAL
INFORMATION
General Obligation Bond:
1989 Equipment Certificates
CITY OF LINO LAKES, MINNESOTA
COMBINED SCHEDULE OF INDEBTEDNESS
December 31, 1989
Interest
Rates
Dated
Final Prior Years
Maturity Original
Date Issue
7.65 5/1/89 5/1/94 $0
General Improvement Bonds with special assessments pledged:
G. O. Improvement Bonds of 1981 10.64 12/1/81 12/1/91 45,000
G. O. Improvement Bonds of 1983 8.65 1001/83 10/1/93 100,000
G. O. Improvement Bonds of 1984 6.50 5/1/84 11/1/94 35,000
G. O. Improvement Bonds of 1986 5.43 12/1/86 2/1/97 475,000
G. O. Temporary Improvement Bonds of 1987 5.43 9/1/87 9/1/90 1,650,000
G. O. Improvement Bonds of 1988A 6.43 10/1/88 2/1/97 1,160,000
G. O. Temporary Improvement Bonds of 1988B 6.20 10/1/88 10/1/91 610,000
G. O. Temporary Improvement Bonds of 1989 6.10 7/1/89 7/1/92 0
Total General Improvement Bonds with special assessments pledged 4,075,000
Total - all bonds
Capital lease - phone system
Contract for deed
Total indebtedness
4,075,000
14.92 5/89 3/93 0
8.00 10/1/87 7/1/91 80.000
$4,155,000
CITY OF LINO LAKES, MINNESOTA
Exhibit 1
Principal Interest
Payable 1989 Payable Due Due
1/1/89 Issued Payments 12/31/89 In 1990 In 1990
$0 $300,000 $0 $300.000 $60,000 $20.655
15,000 5,000 10,000 5,000 1,100
50,000 10,000 40,000 10,000 3,550
21,000 3,500 17,500 3,500 1,531
465,000 125,000 340,000 125,000 14,288
1,650,000 1,650,000 1,650,000 85,800
1,160,000 1,160,000 95,000 72,240
610,000 610,000 37,820
0 4.660,000 4,660.000 284,260
3.971,000 4.660,000 143.500 8.487500 1,888,500 500,589
3,971,000 4,960,000 143,500 8,787,500 1,948,500 521,244
0 9,249 1,534 7,715 1,992 1,018
48.000 16.000 32.000 16.000 2.560
$4,019,000 $4,969,249 $161,034 $8,827,215 $1,966,492 $524,822
CITY OF LINO LAKES, MINNESOTA
Exhibit 2
SCHEDULE OF DEFERRED TAX LEVIES
December 31, 1989
G. O.
Year of Equipment Equipment Improvement
Levy/ Certificates Certificates Bonds
Collection of 1989A of 1989B * of 1986 -A Total
1989/1990 $87,098 $71,196 $158,294
1990/1991 82,278 67,875 $2,508 152,661
1991/1992 77,459 69,791 1,689 148,939
1992/1993 72,639 71,316 839 144,794
1993/1994 67,819 67,190 135,009
$387,293 $347,368 $5,036 $739,697
* These certificates were authorized but not issued at December 31, 1989.
CITY OF LINO LAKES, MINNESOTA
DEBT SERVICE PAYMENTS TO MATURITY
December 31, 1989
G. O. G. O. G. O.
Equipment Improvement Improvement Improvement
Cetificates Bonds Bonds Bonds
of 1989 of 1981 of 1983 of 1984
Bonds payable $300,000 $10,000 $40,000 $17,500
Future interest payable 57,375 1.650 9,950 4,682
Totals $357,375 $11,650 $49,950 $22,182
Payments to maturity:
1990 $80,655
1991 76,065
1992 71,475
1993 66,885
1994 62,295
1995
1996
1997
$6,100
$13,550 $5,031
5,550 13,700 4,743
11,800 4,445
10,900 4,139
3,824
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$357,375 $11,650 $49,950 $22,182
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CITY OF LINO LAKES, MINNESOTA
Exhibit 3
G. 0. G. 0. G. 0.
G. 0. Temporary G. 0. Temporary Temporary
Improvement Improvement Improvement Improvement Improvement
Bonds Bonds Bonds Bonds Bonds
of 1986 of 1987 of 1988 of 1988 of 1989 Totals
$340,000 $1,650,000 $1,160,000 $610,000 $4,660,000 $8,787,500
38,263 85,800 334,579 75,640 852,780 1,460,719
$378,263 $1,735,800 $1,494,579 $685,640 $5,512,780 $10,248,219
$139,288 $1,735,800 $167,240 $37,820 $284,260 $2,469,744
133,225 195,392 647,820 284,260 1,360,755
19,710 192,143 4,944,260 5,243,833
18,915 193,250 294,089
18,090 193,572 277,781
17,235 178,584 195,819
16,350 183,108 199,458
15,450 191,290 206,740
$378,263 $1,735,800 $1,494,579 $685,640 $5,512,780 $10,248,219
Description
CITY OF LINO LAKES, MINNESOTA
CONSTRUCTION WORK IN PROCESS
December 31, 1989
Exhibit 4
Land Expended
Easements Prior
Contractor Engineering and Other Total 1989 Years
Fund 550
80th Street $82,840 $15,000 $4,421 $102,261 $83,747 $1814
Ash Street East Extension 7,518 24 7,542 30 7,512
Section 5 Drainage 4,856 4,856 4,856
Heritage Paul Montain 653 24 677 348 329
2nd Avenue 53,697 91,221 7,129 152,047 105,876 46,171
West Central Sewer and Water Trunk
Phase 2 25,553 205 25,758 25,758
Comprehensive Area Wide Water 437,952 82,764 20,730 541,446 * 8,456 532,990
West Shadow Lake Drive 13,258 31 13,289 * 2,470 10,819
Highway 49 and Lake Drive 9,780 9,780 9,780
Southeast Area Conceptual Design 2,287 2,287 2,287
Lakes #9 1,396 122 1,518 155 1,363
Elm Street Sewer and Water 2,500 2,500 2,500
Service Area Section 2,381 2,381 2,381
Elmcrest Avenue 6,276 6,276 6,276
Sunset Road 135.722 228 120 136.070 * 135.722 348
Total Fund 550 710.211 265.671 32.806 1.008.688_ 385 786 622.902
Fund 564
Reshanau Lake Estates South 366,519 35,656 11,402 413,577 * 23 413 ,554
4th Avenue 549.419 80.890 89.560 719.869 * 95 719.774
Total Fund 564 915.938 116.546 100.962 1.133.446 118 1.133.328
0
Fund566 0
D. Erickson's Phase 2 195,916 33,323 11,678 240,917 * 2 ,562 238,355
Reshanau Phase 2 168.504 32.778 20.603 221.885 * 10.157 211.728
Total Fund 566 364.420 66.101 32.281 462.802 12.719 450.083
Fund 567
West Central Sewer and Water Trunk 1,465,735 237,040 39,650 1,742,425 1,692,464 49,961
Carlson 541,255 129,582 23,121 693,958 682,778 11,180
Sunrise Meadows 604,115 119,662 6,420 730,197 710,758 19,439
Reshanau Phase 2B 166,678 35,737 2,149 204,564 204 ,564
Reshanau Phase 3A 11.282 2.567 13.849 9.929 3.920
Total Fund 567 2.777.783 533.303 73.907 3.384.993 3300.493 84500
Totals
* Completed Project
$4.768,352 $981.621 $239.956 $51989,929 3 699.116 2 290 813
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CITY OF LINO LAKES, MINNESOTA
INSURANCE IN FORCE
December 31, 1989
Exhibit 5
ICoverage Amount
General Liability:
Bodily Injury/Property Damage $600,000
IPersonal Injury/Police Professional Liability 600,000
Property:
a Buildings and Contents 2,009,950
IIContractors Equipment ($500 Deductible) 80,700
Miscellaneous ($250 Deductible) 45,008
Valuable Papers ($250 Deductible) 50,000
Faithful Performance Blanket Bond 100,000
Public Official and Employee Liability 1,000,000
IAutomotive:
Bodily injury and property damage 600,000
Comprehensive and Collision ACV
IUninsured motorists 600,000
Miscellaneous equipment 50,000
Workmen's compensation Statutory
IEmployee Benefit Level 600,000
1 Umbrella Liability 1,000,000
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CITY OF LINO LAKES, MINNESOTA
Exhibit 6
TAXABLE VALUATIONS, TAX LEVIES AND TAX RATES
Net Gross
Tax Capacity Tax Capacity
Values Values
1989/1990 1988/1989
Taxable valuations:
Total $3,753,020 $4,729,535
Fiscal disparities:
Distribution 246,545 250,613
Contribution (146,276) (140,292)
Less: Captured Tax Increment Value (141.487) (112,901)
Totals $3.711,802 $4,726,955
Net Gross
Tax Tax
Certified Capacity Certified Capacity
Levy Rate Levy Rate
Taxes levied:
Revenue $1,127,373 21.159 $1,029,850 17.982
Bond and interest 19.477 2.442 117.000 2.043
Totals $1,146,850 23.601 $1,146,850 20.025
CITY OF LINO LAKES, MINNESOTA
Exhibit 7
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1 -1
December 31, 1989
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Bond Proceeds $1,200,000 $1,200,000
Tax increment collections 2,404,254 $49,899 $91,391 2,262,964
Interest on investments 0 198 5.261 (5,459)
Total sources of funds 3,604,254 50.097 96.652 3,457,505
Uses of funds:
Public improvements
Administrative
Bonding costs
Bond discount
Capitalized interest
Debt service
Total uses of funds
Funds remaining (deficit)
974,094 974,094
0 940 (940)
25,000 25,000
24,000 24,000
192,404 192,404
2.355.000 2,355,000
3,570,498 0 940 3,569558
$33.756 $50,097 $95,712 ($112,053)
CITY OF LINO LAKES, MINNESOTA
Exhibit 8
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT HOUSING DISTRICT #1 -2
December 31, 1989
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Accounted 1
Amended for in Current Amount
Budget Prior Years Year Remaining ,
Sources of funds:
Bond Proceeds $975.000 $975,000
Total sources of funds 975.000 $0 $0 975.000
Uses of funds:
Public improvements 170,000 170,000
Land acquisition 515,000 515,000
Demolition and site preparation 23,500 23,500
Relocation costs 15,000 15,000
Administrative 31,500 6,313 1,223 23,964
Bond discount 20,000 20,000
Capitalized interest 200.000 200.000
Total uses of funds 975.000 6.313 1.223 967.464
Funds remaining (deficit) 0 ($6313) ($1,223) $7,536
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CITY OF LINO LAKES, MINNESOTA
Exhibit 9
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1 -3
December 31, 1989
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Tax increment collections $259,260 $259,260
Total sources of funds 259.260 $0 $0 259,260
Uses of funds:
Land aquisition 200,000 200,000
Administrative 22.000 10.772 11.228
Total uses of funds 222.000 0 10.772 211.228
Funds remaining (deficit) $37,260 $0 ($10,772) $48,032
CITY OF LINO LAKES, MINNESOTA
Exhibit 10
SCHEDULE OF SOURCES AND USES OF FUNDS
FOR TAX INCREMENT FINANCING DISTRICT #1-4
December 31, 1989
Accounted
Amended for in Current Amount
Budget Prior Years Year Remaining
Sources of funds:
Bond Proceeds $1,950,000 $1,950,000
Total sources of funds 1,950,000 $0 $0 1.950.000
Uses of funds:
Land acquisition 400,000 400,000
Public improvements 1,050,000 1,050,000
Administrative 100,000 3,279 96,721
Bond discount 40,000 40,000
Capitalized interest 360.000 360,000
Total uses of funds 1.950.000 0 3.279 1,946,721
Funds remaining (deficit) $0 $0 ($3,279) $3,279